A novel risk-management perspective for macroprudential policy

When managing financial imbalances, macroprudential policymakers face an intertemporal trade-off between facilitating short-term expected growth and containing medium-term downside risks to the economy. To help assess this trade-off, this column proposes a risk management framework which extends the well-known notion of growth-at-risk to consider the entire predictive real GDP

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United States ,France ,American ,Zoe Sprokel ,Alexander Popov ,University College London ,European Central Bank ,Research Bulletin Of The European Central Bank ,European Commission ,Research Task ,Loss Given Default ,Global Crisis ,Research Bulletin ,European Central ,Task Force ,American Economic Review ,Quantile Vector ,Working Paper Series ,Banque De France ,Sciences Po Financial Stability Review Conference ,Kath Kim ,Economics ,Development ,Research ,Policy ,Development Economics ,